Section 21(7)

A relevant person who is an electronic money issuer or a payment service provider must appoint an individual to monitor and manage compliance with, and the internal communication of, the policies, controls and procedures adopted by the relevant person under regulation 19(1) or 19A(1), and in particular to— identify any situations of higher risk of money laundering, terrorist financing or proliferation financing; maintain a record of its policies, controls and procedures, risk assessment and risk management including the application of such policies and procedures; apply measures to ensure that its policies, controls and procedures are taken into account in all relevant functions including in the development of new products, dealing with new customers and in changes to business activities; and provide information to senior management about the operation and effectiveness of its policies, controls and procedures whenever appropriate and at least annually.

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Source: legislation.gov.uk · retrieved 2026-09-04